A new niche in Real Estate

A term which has been heard often lately is “Short Sale”.  This is when a homeowner owes more than what the home’s value in today’s market. A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers mortgage and closing costs (property taxes, transfer taxes, agents commission). This problem will be coming up often as some adjustable rate mortgages kick in. Fannie Mae and Freddie Mac can assist some subprime borrowers, having the lenders offer loan modification options. If a homeowner is in this situation they should make sure their dealing with a real estate agent who has some experience in short sales.

Tips for Homeowners in Bradley Beach

With the recent coverage of Hurricane Dean and other weather-related disasters across the country, now is a good time for homeowners everywhere – but especially those of us lucky enough to call the beach home –  to review their homeowners insurance policies.  If you are not familiar with your policy coverage, it is important to take a good look before a natural disaster strikes so that you can know what to expect if and when you need to file a claim.  Here are 5 things everyone should understand about their homeowners insurance: 

1. Look for exclusions to coverage.  For example, most policies do not cover flood or earthquake damage as a standard item – these coverages must be purchased separately.
2. Look for dollar limitations on claims.  Even if you are covered for a risk, there may be a limit on how much the insurer will pay.  For example, many policies limit the amount paid for stolen jewelry unless items are insured separately.
3. Understand replacement cost.  If your home is destroyed you’ll receive money to replace it only to the maximum of your coverage, so be sure your insurance is sufficient.  This means that if your home is insured for $150,000 and it costs $180,000 to replace it, you’ll only receive $150,000.
4. Understand actual cash value.  If you choose not to replace your home when it’s destroyed, you’ll receive replacement cost, less depreciation. 
5. Understand liability.  Generally your homeowners insurance covers you for accidents that happen to other people on your property, including medical care, court costs, and awards by the court.  However, there is usually an upper limit to the amount of coverage provided.  Be sure that it’s sufficient if you have significant assets.

For more information about owning a home and Bradley Beach NJ real estate, please visit my website or call me at 732-775-2774. 

Bradley Beach NJ Real Estate Update

In the midst of what is being referred to in the news media as “Mortgage Meltdown 2007,” Realty Trac (an online marketer of foreclosure properties) has announced that the flood of foreclosure filings showed no sign of letting up in July. 

More specifically, the number of foreclosure filings in July 2007 showed a 9 percent rise over those filed in June 206 and a staggering 93 percent increase compared with July 2006.

 Read the full article here, and please remember that one of the first steps any homeowner should take if they think they may be headed to foreclosure is to talk to an experienced Realtor and learn about their options.

To learn more about the latest in the housing market and Bradley Beach NJ real estate, please visit my website or call me today at 732-775-2774!

You Want How Much For Your Property??

With today’s market being what it is, not many buyers buying and the mortgage mess, how can some sellers believe their property is still as valueble as it was 3 years ago. Some sellers still think real estate is still hot and demand they sell as much as a guy down the street got during the height of the market. Sorry that boat has sailed. I was having a conversation with a property owner when the subject came up about the value of his property. He had one number and of course I had another.  I was thinking how could two people be so apart, my number was HALF of his. I know he would like to sell the property but he would like to sell only on his terms, which on this property would not be possible. It is important for realtors to explain to the property owners, and have the owners listen, the current market conditions and what price the home would sell at. It’s setting everyone for a big disappointment down the road.

Oceanfront Townhomes in Bradley Beach

Brand New construction on Ocean Ave in Bradley Beach. Each units has 3 bedrooms and 3.5 baths. All high-end finishes throughout as you would expect. Contact Patrick Parker, 201 788-6182 for more information or a guided tour.

How Walk-able is Your Jersey Shore Neighborhood?

This week I came across a website that is just so neat, I had to share it.  www.WalkScore.com allows you to type in any address, and it will rate the “walk-ability” of that property by calculating its distance to things like the nearest grocery store, movie theater, library, school, park, and pharmacy.

  We all know that walking is important for our health and, with all of the hype over “going green” lately, we know that walking instead of driving when possible is one way that we can all help to save the environment.  In fact, it is recommended that adults tread 10,000 steps per day to reap the many benefits of walking.  Why not consider the walk-ability of a neighborhood the next time you are in the market for a new home?  Or, if you’ve recently moved to a new home, check out the walk-ability to various destinations in your new neighborhood.  

To learn more about Bradley Beach NJ real estate and neighborhoods, please visit my website or call me today at 201-788-6182.  I would love to help you find a new neighborhood to explore on foot!

Bradley Beach NJ Interest Rate Update

The Real Estate Journal (a subsidiary of the Wall Street Journal Online), reported this week that tightening standards in lending may worsen the housing slump being felt in much of the country. 

In the wake of the recent controversy surrounding the sub-prime lending market, more lenders in Bradley Beach are being forced to raise interest rates and stick with loans that are considered less risky than mortgages that were being offered previously.  It is no longer those with the weakest credit records who are feeling the sting of the tightening standards when it comes to credit, documented income, and down payment ability.

 Read the full article here to learn how this trend may affect you if you are in the market for a mortgage.

 If you are in the market for a mortgage in the Jersey Shore area, I am glad to refer you to a reputable, knowledgeable and competitive mortgage lender who will take the time to explain your loan options to you. This will allow you to make an educated decision about which home loan is best for you considering the current market conditions. Just give me a call at 201-788-6182 or visit my website. I’m here to help.

Back To School in Bradley Beach NJ

The summer is flying by – as it always seems to do – and it is almost time to start thinking about sending kids back to school again! Whether you are new to the Jersey Shore area or already have kids in school here, now is the time to take a good look at how the schools are measuring up. 

Below is a link to information on Bradley Beach schools (searchable by city or ZIP code) – does YOUR child’s school make the grade?  Bradley Beach School ReportsTo learn more about moving your family to the Jersey Shore area or Bradley Beach real estate, please call me at 201-788-6182 or visit www.PatrickParkerHomes.com.